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Weekly stock picks by Religare Broking: Buy Berger Paints, REC Limited

On January 14, Berger Paint's stock surged strongly and made a new record high, supported with a noticeable rise in volume

Religare Broking  |  Mumbai 

Trading Strategy

Buy (I) Limited

Last Close: Rs 529.70

Initiation range: Rs 525-530

Target: Rs 550

Stop loss: Rs 520

BERGEPAINT has been consolidating in a range around its record high for nearly three months or so. On January 14, the stock surged strongly and made a new record high, supported with a noticeable rise in volume. The chart pattern is pointing towards the prevailing momentum to continue. We advise initiating fresh longs in the given range.

Buy Limited

Last Close: Rs 3,105.15

Initiation range: Rs 3,100-Rs 3,110

Target: Rs 3,300

Stop loss: Rs 3,000

We’re seeing a recovery in the FMCG space and most stocks are participating in the move. Britannia has witnessed a sharp rebound of late, after retesting the support zone of 100 EMA on the daily chart and is likely to carry this recovery. It has the potential to retest its record high in the near future. We suggest using this opportunity and initiating fresh longs in the given range.

Buy Petronet LNG Limited

Last Close: Rs 277.70

Initiation range: Rs 274-276

Target: Rs 285

Stop loss: Rs 270

PETRONET has been consolidating in a range for the last two months, after making a new record high. It has strongly upheld the support zone of 100 EMA during that phase and now ready to resume the uptrend again. We advise creating fresh longs within the mentioned zone.

Buy REC Limited

Last Close: Rs 142.25

Initiation range: Rs 141-Rs 143

Target: Rs 150

Stop loss: Rs 139

RECLTD has been consolidating in a narrow range while holding strongly above the support zone of multiple moving averages
on the daily chart. After spending almost two weeks around that zone, it looks all set for a surge. We advise initiating fresh longs as per the given levels.


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First Published: Thu, January 16 2020. 07:59 IST
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